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Why did silver start the week on a weak note?

Silver futures opened on Monday, 31 August 2026, at $66.80 per ounce. The drop at the open pointed to a continuation of the downtrend that has been in place since the start of last week.

The December contract started 1.4% below Friday’s close. By 08:39 a.m. U.S. Eastern time, however, the price had recovered to $67.84, clawing back part of its opening losses.

How did Fed Chairman Kevin Warsh’s message affect the market?

Fed Chairman Kevin Warsh said in his first presidential address at the Jackson Hole meeting in Wyoming that “we have work to do” unless there is clear confidence that underlying inflation is moving toward the target at a sufficient pace. Markets interpreted the remarks as a sign that the odds of another interest rate hike had increased.

Higher rate expectations can weigh on precious metals, which do not offer a yield. As a result, some investors chose to cut silver positions on the first trading day of the week.

Geopolitical risks and the market outlook

Pricing was influenced not only by monetary policy but also by developments in the Middle East. After more than a month, the U.S. military carried out its first strike against Iran, hitting rocket launchers said to be preparing to lay mines in the Strait of Hormuz, bringing global risk concerns back into focus.

  • Opening price: $66.80/oz
  • Change from Friday's close: -1.4%
  • Intraday level: $67.84/oz

Despite the latest selling, silver’s long-term performance has not completely lost its strong momentum. According to the source data, the metal has gained more than threefold over the past 12 months; its annual rise had reached 173.3% on 14 May. In the period ahead, markets will continue to watch the combined impact of Fed messaging and geopolitical developments on silver prices.

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